https://www.taxtmi.com/caselaws?id=36870 Amounts paid under a sale deed for deferment of the purchase price were held to be interest, not part of the sale consideration, because the deed separately fixed the sale price and treated the sum as compensation for delayed payment. The receipt was therefore a revenue receipt taxable as interest. On timing, income from the separate source had to be assessed with reference to the relevant previous year under the Income-tax Act, and the amount received before 31 March 1959 could not be assessed in assessment year 1960-61. The year of assessment was accordingly decided in favour of the assessee. en-us Thu, 20 Jul 1978 00:00:00 +0530 Sat, 17 Dec 2016 10:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36870 Amounts paid under a sale deed for deferment of the purchase price were held to be interest, not part of the sale consideration, because the deed separately fixed the sale price and treated the sum as compensation for delayed payment. The receipt was therefore a revenue receipt taxable as interest. On timing, income from the separate source had to be assessed with reference to the relevant previous year under the Income-tax Act, and the amount received before 31 March 1959 could not be assessed in assessment year 1960-61. The year of assessment was accordingly decided in favour of the assessee. Case-Laws Income Tax Thu, 20 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36870